Congress passes tax credits for solar, wind power for another five years

The extension is expected to add an extra 20 gigawatts of solar power.

December 24, 2015

Peter Fabris, Contributing Editor

In an unexpected development, the U.S. Congress extended tax credits for solar and wind for another five years. The extension is expected to add an extra 20 gigawatts of solar power—more than every panel ever installed in the U.S. prior to 2015, according to Bloomberg New Energy Finance (BNEF).

The wind credit will add 19 gigawatts over five years. The extension will spur a total of more than $73 billion of investment and supply enough electricity to power 8 million U.S. homes, according to BNEF.